"13 May 2018" Archive

Doctrine of Revenue Neutrality Applicable when Assessee gets no benefit by not reversing cenvat credit on inputs

M/s. Sanvijay Rolling & Engineering Ltd. Vs The Commissioner of Central Excise (Bombay High Court)

By these Appeals under Section 35G of the Central Excise Act, 1944 (hereinafter referred to as, the said Act), the assessee is challenging the final order dated 21st July, 2015 of the Customs, Excise and Service Tax Appellate Tribunal, Mumbai (CESTAT). After hearing both sides, we are of the view that the Appeals raise substantial questio...

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Are Free Credit Scores Really Free?

Now a day, top online financial aggregators are offering free credit report/score on yearly as well as on monthly basis, are these credit scores really free?...

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Posted Under: Excise Duty |

Addition U/s. 68 for Capital contribution to firm by partner

Pr. CIT Vs. Vaishnodevi Re foils & Solvex (Gujarat High Court)

Pr. CIT Vs. Vaishnodevi Re foils & Solvex (Gujarat High Court) When the assessee has furnished the details with regard to the source of the capital introduced in the firm and the concerned partner had confirmed such contribution, the assessee had duly discharged the onus cast upon it. Thereafter, if the assessing officer was not [&hel...

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Film Projector entitled for higher rate of depreciation of 60%

Cine tech Entertainment India (P.) Ltd. Vs. Income Tax Officer (ITAT Mumbai)

Assessing Officer in disallowing the claim of Depreciation amounting to Rs. 91,87,713/- on the alleged plea that the Film Projector is to be depreciated @ 15% instead of 60%,...

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Re-Assessment notice after 4 years without Approval of CIT or CCIT is Invalid: Delhi HC

Commissioner of Income Tax Vs Gee Kay Finance & Leasing Co. Ltd (Delhi High Court)

1. Whether ITAT was correct in law in holding that the notice issued by the Assessing Officer u/s 148 of the Act beyond the 04 years after the end of relevant assessment year was bad in law as the necessary approval of Chief Commissioner or Commissioner of Income Tax as per the provisions of Section 151 (1) of the Act had not been obtaine...

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Unutilized Credit of EC and SHE could not be cross-utilized against excise duty or service tax

Cellular Operators Association of India Vs Union of India (Delhi High Court)

While hearing the case between Cellular Operators Association of India vs Union of India, the Delhi High Court rejected the claim to allow credit of the unutilized education and higher education cess. ...

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Provisions of DTAA prevails over Section 206AA : Delhi High Court

Danisco India Private Limited Vs. Union Of India & Ors. (Delhi High Court)

The Delhi High Court, while hearing the writ petition of DANISCO India Private Limited, has read down the provisions of section 206AA of the Income Tax Act, 1961 which mandates deduction of tax at source (TDS) at twenty percent on payments to non-residents since the provision of DTAA would prevail over the said provision....

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Mere Voluntary Surrender of Income not absolves assesse from Penalty: Delhi HC

Pr. Commissioner Of Income Tax Vs. Dr. Vandana Gupta (Delhi High Court)

A division bench of the Delhi High Court, last day held that mere voluntary surrender of income without disclosing its source cannot rescue assessee from facing penal consequences under the Income Tax Act....

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Loss on account of foreign currency fluctuations is allowable expense

DCIT vs. Indo Colchem Ltd. (ITAT Ahmedabad)

Fall in net profit rate due to dollar rate fluctuation (currency fluctuations): additions to income deleted in Indo Colchem case by Ahmedabad ITAT...

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For imposition of penalty law in force at the time when the return was filed would be applicable

ITO v. Nihon Parkerizing (India) (P.) Ltd. (ITAT Delhi)

Hon’ble ITAT upheld the position of law as iterated by CIT (A) that it is an established law applicable for imposition of penalty that law, as in force, at the time of filing of Return would be applicable. ...

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